Key trend: Harnessing Behavioural Science

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This is a remarkable international trend that we have noted and is related to innovation in the use of behavioural science-based approaches in a win-win partnership logic: "customer - bank". In fact, several players that we questioned about the obstacles to the success of certain products explained to us that the reason is linked to the banks' ability to lead change at the client level. Sometimes, it is also a question of being able to influence the behaviour of these customers to develop their appetite for use or the way in which they manage certain products to allow them the best impact in terms of use. To achieve these objectives, which are highly coveted by a large number of banks, some forward-thinking players are implementing behavioural science approaches.

 

One of the revolutionary methods in this regard is the one popularized under the name "Nudge", which was popularised by the 2017 Nobel Prize winner in economics, Richard Thaler. Nudges are used to "smoothly" guide human behaviour without constraints or obligations. It differs from the "stick and carrot" principles by relying on cognitive biases (Figure below) that can occur during decision-making.

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NB: The figure below can be enlarged by clicking on it.